Ocean Pacific Sunwear is negotiating its sale to a San Francisco investment group, OP executives said Monday, and an agreement could come soon. The surf-wear licenser, once the giant of the industry, is involved in "substantial negotiation" with Berkeley International Capital Corp., said Michael Balmages, OP's senior executive vice president. "We are extraordinarily close to (signing) a letter of intent with them." No Berkeley representative could be reached for comment.

Ocean Pacific Sunwear Ltd., which entered U.S. Bankruptcy Court nearly a year ago, on Friday sold its remaining assets to San Francisco-based Berkeley International Capital Corp. in a deal that included $10 million in cash and an estimated $7 million in bonds. The sale previously was cleared by a U.S. Bankruptcy Court judge in Santa Ana.

Bankruptcy Judge OKs OP Sunwear Sale: A U.S. Bankruptcy Court judge in Santa Ana on Friday approved the proposed sale of Ocean Pacific Sunwear Ltd. to a San Francisco investment group. Judge James N. Barr ruled that the sale of the Irvine-based surf wear giant could go ahead with the $21-million sale to Berkeley International Capital Corp., a move that will lift the company out of bankruptcy, said OP Senior Executive Vice President Mike Balmages.

Ocean Pacific Sunwear Ltd., which entered U.S. Bankruptcy Court nearly a year ago, on Friday sold its remaining assets to San Francisco-based Berkeley International Capital Corp. in a deal that included $10 million in cash and an estimated $7 million in bonds. The sale previously was cleared by a U.S. Bankruptcy Court judge in Santa Ana.

Bankruptcy Judge OKs OP Sunwear Sale: A U.S. Bankruptcy Court judge in Santa Ana on Friday approved the proposed sale of Ocean Pacific Sunwear Ltd. to a San Francisco investment group. Judge James N. Barr ruled that the sale of the Irvine-based surf wear giant could go ahead with the $21-million sale to Berkeley International Capital Corp., a move that will lift the company out of bankruptcy, said OP Senior Executive Vice President Mike Balmages.

Ocean Pacific Sunwear Ltd., once the king of surf apparel, said Thursday that it will be acquired by a San Francisco investment group. OP, based in Irvine, agreed to be sold by June to Berkeley International Capital Corp., a San Francisco subsidiary of Britain's Govett & Co., a financial services firm. The deal would be worth about $21 million, according to papers being filed in U.S. Bankruptcy Court in Santa Ana, which has been overseeing OP's operations since May.

Ocean Pacific Names CEO: Ocean Pacific Apparel Corp. announced Monday that it has appointed John Warner as its chief executive officer. Ocean Pacific Apparel was formed in April when Berkeley International Capital Corp. in San Francisco acquired the assets of Ocean Pacific Sunwear Ltd., which had been operating under bankruptcy court protection. The company, based in Tustin, licenses active sportswear under the OP label. Warner, formerly a senior merchandiser with May Co.

Ocean Pacific Apparel Corp., one of the oldest and best-known surf wear brands in Southern California, said Tuesday that it has been acquired by a Bay Area investment firm. Doyle & Boissiere Fund LLC of San Francisco, a $100 million-plus investment company affiliated with Phoenix-based Finova Group, acquired an 86% stake in the Irvine surf wear maker. Terms weren't disclosed.

Ocean Pacific Sunwear Ltd., once the king of surf apparel, said Thursday that it will be acquired by a San Francisco investment group. OP, based in Irvine, agreed to be sold by June to Berkeley International Capital Corp., a San Francisco subsidiary of Britain's Govett & Co., a financial services firm. The deal would be worth about $21 million, according to papers being filed in U.S. Bankruptcy Court in Santa Ana, which has been overseeing OP's operations since May.

Ocean Pacific Sunwear is negotiating its sale to a San Francisco investment group, OP executives said Monday, and an agreement could come soon. The surf-wear licenser, once the giant of the industry, is involved in "substantial negotiation" with Berkeley International Capital Corp., said Michael Balmages, OP's senior executive vice president. "We are extraordinarily close to (signing) a letter of intent with them." No Berkeley representative could be reached for comment.

At least two investment groups are showing interest in buying out Ocean Pacific Sunwear Ltd., and pressure is mounting on its owners to accept an offer. While the small group that owns OP has spurned such proposals in the past, the partners may be more inclined to accept now. The company's two secured creditors, Wells Fargo Bank and Republic Factors Corp. in Los Angeles, have started court proceedings to attach the partners' personal assets.

Ocean Pacific Apparel Corp., one of the oldest names in Southern California's surf wear industry, is about to get a new owner. Richard Baker, chief executive of Irvine-based OP, and Montreux Equity, a San Francisco venture capital firm, are in the final stages of a deal to buy OP from Berkeley International Capital Corp. Baker would not disclose terms of the deal, which he said will be completed by month's end.